Mastercard, a global technology company in the payments industry, has partnered with Signzy, a RegTech startup based in India, for global rollout of Signzy’s video-based KYC (Know Your Customer) solution for its banking customers.
With this partnership, Mastercard customers will benefit from a completely paperless, remote and secure onboarding solution for end-users. It maybe recalled that Reserve Bank of India (RBI) had in January this year amended its KYC norms allowing banks and other lending institutions regulated by it to use Video based Customer Identification Process (V-CIP), a move which will help them onboard customers.
Signzy’s Video KYC solution will enable end-users to complete and submit their KYC application from the safety and security of their homes. This would be 99 per cent faster than the traditional paper-based KYC process. Signzy is an Artificial Intelligence-powered Robotic Process Automation platform for financial services.
In India, this launch will further Mastercard’s goal to drive inclusive growth via financial inclusion by enabling individuals and small businesses to go online.
Earlier this year, the payments technology company partnered with various players and launched low-cost innovations that allow merchants to start accepting digital payments without incurring additional or high infrastructural costs. Video KYC will further the ease and speed of onboarding in minimal time.
Rajeev Kumar, Senior Vice-President, Market Development, South Asia, Mastercard, said, that Mastercard’s partnership with Signzy will shorten the traditional clunky, time consuming and expensive KYC process for financial institutions.
“Signzy’s AI and ML has well-established links to many KYC databases in India which allows seamless support for e-KYC and Video-KYC. Therefore, the platform also solves the problem of many SMEs in India who may not have all the KYC documents. With V-KYC, SMEs can now complete their contactless KYC process remotely at their convenience from their homes and shops”, he said.
Arpit Ratan, Co-founder of Signzy, said, “Our efforts are geared to offer our partners a mobile-first, customer-centric digital experience for their customers. Signzy’s AI-led, on-premise API framework allows easy integration across multiple platforms providing a quicker and completely remote and paperless customer-onboarding, taking care of all security protocols.”
Kumar also said that Mastercard and Signzy are assisting merchant acquiring banks to easily on-board SMEs in remote corners of the country for digital payments acceptance, open SME accounts and NBFCs to underwrite and disburse SME loans. During the nationwide lockdown, Signzy’s Video KYC come as a big relief for financial institutions and SMEs, he said.
Signzy’s clientele has more than 90 Indian financial institutions, ranging from banks, NBFCs, insurance firms, Asset Management Companies and so on. Some of the marquee names in this list include the State Bank of India (SBI) and ICICI Bank, Aditya Birla Sunlife AMC, and BoB Financial Ltd etc.
Moreover, Signzy’s offices in New York and Dubai and partnership with Mastercard equip the company to serve financial institutions across the globe. Mastercard has collaborated with Signzy to develop onboarding solutions for merchants and has a global partnership with them to scale up the solution across markets worldwide.